Securian Asset Management Inc. Sells 684 Shares of Otis Worldwide Co. (NYSE:OTIS)

Securian Asset Management Inc. decreased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 21,469 shares of the company’s stock after selling 684 shares during the period. Securian Asset Management Inc.’s holdings in Otis Worldwide were worth $1,988,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of OTIS. Ashton Thomas Securities LLC bought a new position in shares of Otis Worldwide during the 3rd quarter valued at about $29,000. Fortitude Family Office LLC lifted its position in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares in the last quarter. Truvestments Capital LLC bought a new position in Otis Worldwide during the third quarter valued at approximately $36,000. Centricity Wealth Management LLC purchased a new position in Otis Worldwide during the 4th quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC purchased a new position in Otis Worldwide during the 4th quarter valued at approximately $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 in the last quarter. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Down 0.5 %

Otis Worldwide stock opened at $99.44 on Friday. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The firm has a 50-day moving average price of $96.57 and a 200-day moving average price of $97.99. The firm has a market capitalization of $39.43 billion, a PE ratio of 24.49 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, sell-side analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a stock buyback program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Barclays lowered their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $102.88.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.